Public Equity Corporation acquired Lenore Company through an exchange of common shares. All of Lenore's assets and liabilities were immediately transferred to Public Equity. Public's common stock was trading at $20 per share at the time of exchange. Following selected information is also available.

	Public Equity
	Before acquisition				After acquisition
Par value of shares outstanding	$	200,000			$	250,000
Additional paid-in capital	$	350,000			$	550,000

34) Based on the preceding information, what number of shares was issued at the time of the exchange?

A) 5,000

B) 17,500

C) 12,500

D) 10,000

35) Based on the preceding information, what is the par value of Public's common stock?

A) $10

B) $1

C) $5

D) $4

36) Based on the preceding information, what is the fair value of Lenore's net assets, if goodwill of $56,000 is recorded?

A) $306,000

B) $244,000

C) $194,000

D) $300,000